22 C
Georgetown
Friday, December 4, 2020

US to sanction 34 vessels transporting oil from Venezuela to Cuba

Must Read

One of world’s largest iron ore companies deploys 10-member team to Guyana with focus on renewables

A ten-member team from Australia-based Fortescue Metals Group (FMG) arrived in Guyana today to pursue talks on investment opportunities in...

Impassioned calls made for investment, strong partnerships at launch of Canada-Guyana Chamber

The building of strong partnerships and need for robust investment across a number of sectors in Guyana were underscored...

Equinor comes up dry in Barents Sea

Equinor Energy AS, operator of production licence 960, has come up dry at the wildcat well 7018/5-1 in the...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

US sanctions will hit 34 vessels owned or operated by Venezuela state oil company PDVSA and two companies which are transporting crude to Cuba.

This is according to Vice President Mike Pence who said on Friday “Venezuela’s oil belongs to the Venezuelan people.” He was at the time speaking at Rice University’s Baker Institute for Public Policy in Houston.

The two companies are Ballito Bay Shipping and ProPer In Management, which delivered Venezuelan oil to Cuba in February and March on the crude tanker Despina Andrianna.

The sanctions are the latest punitive actions by the Trump administration, as it aims to remove Venezuelan President Nicolas Maduro from power. The US recognizes opposition leader Juan Guaido as Venezuela’s legitimate leader.

The US Department of the “Treasury is taking action against vessels and entities transporting oil, providing a lifeline to keep the illegitimate Maduro regime afloat,” Treasury Secretary Steven Mnuchin said in a statement. “Cuba continues to profit from, and prop up, the illegitimate Maduro regime through oil-for-repression schemes as they attempt to keep Maduro in power.”

US sanctions unveiled in January have created a de facto ban on US imports of Venezuelan crude and a prohibition on US dollar transactions with PDVSA will be imposed on April 28. No Venezuelan oil was imported by the US last week, the third week in a row of zero imports from the South American nation, the US Energy Information Administration reported this week.

Venezuela oil output averaged 740,000 b/d in March, the lowest monthly rate in 16 years, according to an S&P Global Platts survey released Friday.

If secondary sanctions are imposed, Venezuela’s oil output could fall to 500,000 b/d by the final quarter of 2019, according to S&P Global Platts Analytics.

Latest News

One of world’s largest iron ore companies deploys 10-member team to Guyana with focus on renewables

A ten-member team from Australia-based Fortescue Metals Group (FMG) arrived in Guyana today to pursue talks on investment opportunities in...

Impassioned calls made for investment, strong partnerships at launch of Canada-Guyana Chamber

The building of strong partnerships and need for robust investment across a number of sectors in Guyana were underscored on Friday at the launch...

OPEC+ reaches deal as new rifts emerge ahead of testing times for the cartel

(Bloomberg) --After five days of difficult talks that exposed new rifts between core members, OPEC+ agreed to gently ease output cuts next year. The...

Equinor comes up dry in Barents Sea

Equinor Energy AS, operator of production licence 960, has come up dry at the wildcat well 7018/5-1 in the Barents Sea. The well was...

Brazil’s Petrobras could turn to Guyana for offshore acreage, CEO says

(S&P Global) Brazilian state-led oil company Petrobras could turn to Guyana for access to acreage along South America's equatorial margin if local environmental regulators...

More Articles Like This